Central Bank of the UAE’s lending rules may violate Shari’ah; Islamic lenders ask for rethink.Citing unnamed sources, Dubai-based Emarat Alyoum Arabic language daily reported that the higher coordination committee for Islamic banks in the UAE has submitted proposals for common standards, saying that some of the CBUAE’s new lending rules introduced this year violate Shari’ah banking principles.
Emarat Alyoum said a memorandum has been sent to the CBUAE and the Islamic lenders are now waiting for the central bank’s response.............................................Full Article: Source